Latest news with #Egyptian-SerbianBusinessForum
Daily News Egypt
16 hours ago
- Business
- Daily News Egypt
Serbian PM calls trade deal a ‘new page' in Egypt ties
Serbian Prime Minister Guro Macut has described a new free trade agreement with Egypt as a 'new page' in bilateral relations, stating that both countries are working to implement its terms to boost trade and investment. Speaking at the Egyptian-Serbian Business Forum in Egypt's New Administrative Capital, Macut said the agreement aims to 'achieve the optimal exploitation of possible opportunities to increase trade exchange and push investments' for the economic growth of both nations. He said the efforts to enhance bilateral cooperation have become tangible thanks to the support of Egyptian President Abdel Fattah Al-Sisi and Serbian President Aleksandar Vučić, which paves the way for stronger ties. Macut highlighted the long-standing ties between the two nations, which he noted were founding members of the Non-Aligned Movement and are celebrating 117 years of diplomatic relations. He said the strategic partnership was established during Sisi's 2022 visit to Belgrade and reaffirmed when the draft free trade deal was signed during Vučić's visit to Cairo in July 2024. While noting that economic exchange currently stands at approximately $122m, the prime minister asserted that there is potential to increase it significantly. He added that around 40 Egyptian-owned companies operate in Serbia and that joint manufacturing projects have already begun in the Egyptian market. He presented Serbia as an economically stable and safe investment destination, citing its strategic geographical location, government support, skilled workforce, and attractiveness for the software industry. Macut also mentioned Serbia's efforts to advance the 'Open Balkan' initiative to create a common market for the free movement of goods in the Western Balkans. Macut extended a specific invitation for Egyptian participation in the Belgrade Expo 2027, encouraging a large number of investors to attend to explore cooperation opportunities and create a platform to enhance trade. He also expressed hope that Serbian companies and products would find their place in the Egyptian market. 'We look forward to a new partnership and more cooperation,' he concluded.
Daily News Egypt
16 hours ago
- Business
- Daily News Egypt
Reforms make Egypt ‘land of opportunity,' business leader tells Serbia
The head of the Federation of Egyptian Chambers of Commerce has urged Serbian businesses to use Egypt as a joint manufacturing and logistics centre for exporting to Africa, Europe, and the Middle East, citing recent economic reforms and extensive free trade agreements. Speaking at the Egyptian-Serbian Business Forum on Tuesday, Ahmed El-Wakil said that recent reforms, coordinated in 'a successful partnership between the government and the private sector,' have transformed Egypt. 'Thanks to these reforms, Egypt has once again become a land of promising opportunities,' he said. El-Wakil called on Serbian companies to leverage Egypt's domestic market of over 100 million consumers, which he said expands to more than 3 billion through tariff-free trade agreements with the Arab world, Africa, the European Union, EFTA, Mercosur, Turkey, and the United States. 'We must use Egypt as a centre for joint manufacturing and a logistics centre in order to export to all these markets, without customs and with low shipping costs,' he said. He identified several key sectors for cooperation where Serbia has advanced technology, including phosphate purification, the manufacturing of phosphoric acid and fertilisers, and the metal industries, particularly iron and steel. He added that negotiations on some of these areas began during a previous presidential visit to Serbia. Other potential areas for partnership include component manufacturing for the automotive and home appliance sectors, software development and localisation, river transport linked to multimodal logistics, and tourism. To facilitate this, El-Wakil announced that the Egyptian and Serbian chambers of commerce would appoint contact points to develop bilateral trade and investment and connect their members. The business leader also addressed Serbia's hosting of the Belgrade Expo in 2027. 'We have supported Egypt in various Expo exhibitions, from Milan to Dubai, and we affirm that we will spare no effort in ensuring full support for the Belgrade Expo in 2027,' he said, highlighting the experience of Egyptian construction and infrastructure firms that have executed major projects globally. 'The time for talk is over, and the time has come to move forward with concrete measures,' El-Wakil concluded. The forum was held in Egypt's New Administrative Capital and was chaired by Egyptian Prime Minister Mostafa Madbouly and Serbian Prime Minister Guro Macut. In his opening remarks, El-Wakil noted that it was the third such high-level business meeting in two years, extending greetings on behalf of the Federation's more than 6 million members.
Daily News Egypt
16 hours ago
- Business
- Daily News Egypt
Madbouly touts tripled trade as Egypt, Serbia finalise free trade deal
Egypt has approved a free trade agreement with Serbia that will gradually eliminate customs duties, Prime Minister Mostafa Madbouly announced, noting that bilateral trade has more than tripled to around $300m since 2022. Speaking at the Egyptian-Serbian Business Forum on Tuesday, Madbouly confirmed the trade volume between the two nations rose from $94m in 2022 to approximately $300m in 2024. He stated that this figure is expected to grow further following the Egyptian parliament's ratification of the free trade agreement on 26 May. The agreement will gradually eliminate customs duties and quantitative restrictions on imports and exports of goods between the two countries. In his welcoming remarks to Serbian Prime Minister Guro Macut and the accompanying delegation, Madbouly said the agreement also includes provisions to enhance cooperation in services and investment, encourage joint ventures, facilitate technology transfer, and resolve commercial disputes. He stated this would 'provide a favourable environment for attracting joint investments and strengthening the economic partnership.' Madbouly highlighted that this complements Egypt's existing network of free trade agreements with the European Union, Arab nations, the African continent, the United Kingdom, Turkey, and the United States, providing tariff-free access to a market of over three billion consumers. 'We have the modern logistics to reach those markets, which will open the doors for trilateral cooperation, to manufacture together and export to all those markets without customs and with lower transport costs, whether through joint manufacturing in existing factories or through new investments,' Madbouly said. The Prime Minister emphasised that bilateral ties, which date back over a century, were strengthened by President Abdel Fattah al-Sisi's visit to Belgrade in 2022 and Serbian President Aleksandar Vučić's visit to Cairo last July. These visits led to the establishment of a Joint High Committee for Economic, Scientific, and Technical Cooperation and the signing of memoranda of understanding in higher education, culture, trade, agriculture, and investment. Madbouly added that joint cooperation extends beyond goods to include services, logistics, and tourism. He also pointed to opportunities for alliances in infrastructure, particularly in Africa and the reconstruction of neighbouring countries. He noted that Egypt could share its experience in rapid infrastructure development and the construction of fourth-generation cities to assist Serbia's preparations for hosting Expo 2027 in Belgrade. To facilitate such cooperation, Madbouly said Egypt has undertaken a series of legislative and procedural reforms to improve the business climate. These include launching the 'Golden Licence' to simplify processes for investors and issuing the 'State Ownership Policy Document' to increase private sector participation in the economy. He added that the government has developed dozens of serviced industrial, commercial, and logistical zones across the country, supported by a rapid national infrastructure development programme. 'All of this is supported by the development of multimodal transport to connect Egypt with the world through modern hub ports… and advanced road and rail networks, so we can transport what we produce together easily and efficiently to global markets,' Madbouly stated. He called on private sector representatives from both countries to create new partnerships and investments to leverage the opportunities offered. 'The Egyptian state today offers investors from Serbia outstanding opportunities,' Madbouly concluded. 'We have the political will to support economic relations and joint cooperation, we have promising opportunities in industry, agriculture, services, gas and oil, infrastructure and major projects, we have a distinguished strategic location, and we have an effective and active business community, a group of whom you met today.'
